Whether to purchase a big ticket item, or simply for assistance with day-to-day expenses, many individuals in Oregon and elsewhere have turned to credit accounts for financial aid. While credit cards can provide immediate relief, such a decision could come with a price, and high interest rates on balances could lead a person toward financial hardships. However, monetary issues may not be the only concern with credit card debt, as studies suggest that similar situations can have a negative impact on a person’s health.
According to reports, credit card debt reached record highs in the previous year, with the total of such debts in the nation exceeding $1 trillion. For many, this may come as no surprise, as nearly half of individuals who sign up for such accounts say they carry a constant balance. Being unable to pay off a credit card each month could have devastating consequences, as high interest rates may cause one’s balance to continually increase.
Those who experience similar financial struggles may carry added stress, which can be emotionally harmful. This may also cause some to experience issues in sleep patterns, and if these problems persist, their physical health could suffer the consequences. Individuals who struggle with debts may wish to safeguard their physical and mental well-being by pursuing relief, but with numerous available options, they might be uncertain how best to proceed.
Many individuals have experienced prolonged periods of struggle due to substantial amounts of credit card debt. Those who wish to know more about the options for relief could consult with an experienced bankruptcy attorney for guidance. An attorney in Oregon can assist a client in choosing the correct path with which to pursue financial freedom, and provide him or her with advice on how to avoid similar issues in the future.
Source: USA Today, “Why credit card debt can be bad for your health“, Jessica Dickler, Feb. 19, 2018